Justice Mojisola Dada of the Special Offences Court, Ikeja, Lagos, on October 14, 2025, adjourned further hearing in the trial between the Asset Management Corporation of Nigeria (AMCON) and Union Bank Plc to November 8, 2025. The case concerns AMCON’s acquisition of non‑performing loans from Union Bank in respect of Arik Air in 2010.
At the resumed proceedings, new details emerged in the ongoing fraud trial involving ₦76 billion and $31.5 million. The matter features several high‑profile defendants, including former AMCON Managing Director Ahmed Kuru, ex‑Receiver Manager of Arik Air Kamilu Omokide, Arik CEO Roy Ilegbodu, Union Bank Plc, and Super Bravo Limited.
A key prosecution witness, Mr. Muhammed Jega, former Executive Director of Credits at AMCON, testified that Union Bank’s loan to Arik Air was already non‑performing by the time he left AMCON in 2015. He admitted that despite concerns about the loan, AMCON did not lodge a formal complaint with any security agency, although a letter was sent to the EFCC.
Under cross‑examination, Jega revealed that the loan was initially believed to be performing but had defaulted by 2015. He stated that Union Bank sold the loan to AMCON without adequate collateral from Arik, though AMCON carried out due diligence after the purchase. He also confirmed that Arik Air never lodged formal written protests, only verbal complaints, and that he merely informed some AMCON board members verbally rather than raising the issues formally.
Jega further disclosed that AMCON purchased ₦85 billion worth of Arik debt from Union Bank and Bank PHB, and later advanced an additional ₦11 billion in working capital to the airline, which Arik failed to repay. He admitted he never saw the full loan purchase agreement and that minutes of a London meeting with Union Bank were prepared solely by the bank.
He added that problems with the loan only became apparent after AMCON’s acquisition, and that Arik Air had multiple outstanding debts beyond those in contention. He also testified that Arik’s chairman once offered him a consultancy role, which he declined to avoid a conflict of interest.
Following these revelations, Justice Dada adjourned the trial to November 28, 2025, for continuation of cross‑examination.
